Int’l firm eyes $1B project in Cebu

CEBU, Philippines - Emirati company Global Sphere is interested to invest in a project worth at least $1 billion in Cebu.

Executives of the company paid a courtesy visit to Governor Hilario Davide III and Cebu City Mayor Michael Rama yesterday together with Fourth District Representative Benhur Salimbangon.

 Salimbangon said the local chief executives have proposed that the company invest in the

North-South Cebu Highway or the Trans-Axial Highway project, which is a brainchild of the late vice governor Gregorio Sanchez Jr.

 Davide told the group the 300-kilometer project is also one of the proposed major projects of his administration.

He said the project, which includes the roads connecting the different municipalities from the highway, is estimated to cost P50 billion.

 â€œThey are willing to finance. The company is asking that the project to be undertaken by the company should not be less than $1 billion,” Salimbangon said.

 Davide earlier vowed to pursue the Trans-Axial Highway project that will connect both ends of the province and help spur development in small towns, as well as decongest Metro Cebu’s urban area.

 Salimbangon, for his part, filed a bill in Congress supporting the plan of Sanchez, his former colleague at the Cebu Provincial Board.

  Salimbangon said Global Sphere is also looking at the possibility of putting up an oil refinery and an airport in the Fourth District.

 â€œWe have to conduct the study where the refinery should be located and they will be the one to put this refinery,” he said.

“Mao na among gi-studyhan karon unsay mga requirements sa government for them to put these projects,” he added.

 Davide clarified nothing concrete has been arrived at and that the meeting yesterday was but an exchange of minds.

Global Sphere was established more than 14 years ago and is associated with European and American companies that help arrange funds to commercial companies or governments in building large projects in different fields in the construction and oil sectors, among others.

Global Sphere finance procedures are led and controlled by the top 10 banks in the world.

 According to its website, Global Sphere is capable of financing projects that worth tens of billions worldwide. Its member teams are also members of the Bar Association and have dealt with many international contracts.  (FREEMAN)